DC readers: Join us tomorrow for a breakfast on the industry impact of 5G. Axios' Kim Hart will be joined by Sen. Cory Gardner, GroundTruth president Serge Matta and (for e-sports fans) EnVy Gaming owner and CEO Mike Rufail. RSVP here.

Top of the Morning

Source: Giphy

Get ready for more e-scooters on America's urban sidewalks, as we hear that GV (formerly known as Google Ventures) has agreed to lead a $250 million investment into Lime at a post-money valuation of at least $1 billion.

The deal is not yet closed, which means the final size could change a bit. Existing backers like Coatue Management and Andreessen Horowitz are expected to participate.

Lime has told investors that its users have taken a total of 4.2 million rides, one million of which were between May 5 and May 27. One source says each Lime scooter is used, on average, between 8 and 12 times per day.

There is no debt as part of this round, although talk persists that some sort of large equipment financing will eventually come.

•Wisdom from Jeff Bezos, at Amazon's shareholders meeting: "We are a large corporation. We deserve to be inspected. It’s going to happen. Don’t take it personally. Because when you take it personally, you start to do things that are counterproductive.”

•Price talk: Vista Equity yesterday said that it has purchased a majority stake in Integral Ad Science, a VC-backed digital ad measurement firm that many had expected would IPO. No financial terms were disclosed, but multiple sources tell Axios that the deal valued IAS at around $850 million.

•Yes, I've been negligent in covering the Abraaj Capital situation. The latest is that a meeting yesterday with creditors resulted in a possible standstill agreement, and Cerberus reportedly bid $125 million for the private equity unit. Will discuss more tomorrow.

There's been a ton of ink on returns coming to Andreessen Horowitz and Sequoia Capital, which led GitHub's Series A and Series B rounds (respectively). Totally deserved. But also raise a glass for Joshua Kushner's Thrive Capital, which very quietly invested a total of $150 million into GitHub — $120 million via secondary purchases from early employees — for just under a 10% stake. We hear it's both the largest investment and largest return in Thrive's 9-year year history.

Speaking of returns: This deal reflects how, for many VC firms, the prevailing calculation has morphed from IRRs to cash-on-cash. It's a sea change that deserves more attention.

GitLab, a rival development platform, is almost certain to get revived takeover interest from those that missed out on GitHub (i.e., Google, Amazon, etc.). As a GitLab source told me: "We basically added half a billion in valuation overnight." No current plans to fundraise, however.

Many developers are down on the deal, worried that Microsoft will do to Github what it did to Nokia phones and Skype (even though both buys predated Satya Nadella as CEO). But most VCs I spoke with believe Microsoft got a steal, and that we'll look back on this like Facebook paying $1 billion for Instagram.

The BFD

British regulators this morning said that they will not block 21st Century Fox's pursuit of a majority stake in Sky UK, so long as it agrees to conditions that include a divestiture of Sky News.

Why it's the BFD: Because we've been waiting over a year for this decision, and it provides clearer conditions for the interconnected game of media mega-mergers that is about the play out.

Bottom line: "Fox currently owns 39% of Sky and is looking to acquire majority ownership to give its potential new owner, Walt Disney Co., and this ruling gives it more leverage to fend off a rival bid from Comcast." — Axios' Sara Fischer, who goes deeper here.

Venture Capital Deals

•OutSystems, a Portugal-based low-code rapid application development company, raised $360 million at a valuation north of $1 billion from KKR and Goldman Sachs. Some of the proceeds provided partial liquidity to earlier investors like Guidepost Growth Equity. http://axios.link/hKxo

•Dataminr, a New York-based startup that analyzes public data about events in real time, has raised $221 million in new funding, according to an SEC filing. No word on investors, but we hear it's an outside lead. http://axios.link/qBQn

•Raken, a San Diego-based daily reporting app and field management solution for the construction industry, raised $10 million in Series A funding. USVP led, and was joined by Tao Capital Partners and return backers Eniac Ventures, Rincon Venture Partners and Spider Capital. www.rakenapp.com

🚑 Parachute Health, a New York-based e-prescribing platform, raised $9.5 million in VC funding. Insight Venture Partners led and was joined by the Greater New York Hospital Association. www.parachutehealth.com

🚑 Genetesis, a Mason, Ohio-based biomagnetic imaging startup focused on chest pain triage, raised $7.5 million in Series A funding. CincyTech led, and was joined by Mark Cuban, Ohio Innovation Fund and Raptor Group. www.genetesis.com

•Mews, a UK-based hotel property management platform, raised €6 million in Series A funding. Notion Capital led, and was joined by HenQ and Thayer Ventures. http://axios.link/L8pX

•Exoticca, a Spain-based “affordable luxury” online travel agency, raised €3.5 million in Series A funding led by K Fund. http://axios.link/Pv8R

•Motorway, a UK-based platform for selling used cars, raised £2.75 million in seed funding co-led by LocalGlobe and Marchmont Ventures. http://axios.link/rCeK

•Advent International has acquired an 80% stake in Walmart’s (NYSE: WMT) Brazil business. No financial terms were disclosed, but Walmart said it would take a related charge of $4.5 billion. http://axios.link/efDF

Public Offerings

•New Frontier Corp., a Hong Kong-based SPAC led by Antony Leung (co-founder of Nan Fung Group, ex-Blackstone), filed for a $200 million IPO. It plans to trade on the NYSE. http://axios.link/FXL3

🚑 Tricida, a South San Francisco-based based developer of non-absorbed oral drug therapies, filed for a $150 million IPO. It plans to trade on the Nasdaq (TCDA) with Goldman Sachs as lead underwriter. The pre-revenue company raised over $250 million in VC funding, from OrbiMed (36.9% pre-IPO stake), Sibling Capital (23.4%), Longitude Capital (10.1%), Wellington Management (7.5%), Limulus Venture Partners (5.8%), Venrock, Cormorant Asset Management and Vivo Capital. http://axios.link/VZwt

•U.S. Xpress Enterprises, a Chattanooga, Tenn.-based trucking company, set IPO terms to 18.1 million shares at $18-$20. It would have a fully diluted market value of $947, were it to price in the middle. The company plans to trade on the NYSE (USX) with BofA Merrill Lynch as lead underwriter. http://axios.link/3Mud

🚑 VerricaPharmaceuticals, a West Chester, Penn.-based developer of treatments for warts and other viral skin diseases, set its IPO terms to 5 million shares at $14-$16. It would have an initial market cap of $374 million, were it to price in the middle. The pre-revenue company plans to trade on the Nasdaq (VRCA), with BoA Merrill Lynch as lead underwriter. Shareholders include PBM Capital Group (58.4% pre-IPO stake), Perceptive Advisors (12.1%) and OrbiMed (6.4%). http://axios.link/F9rm

More M&A

•The British government sold a 7.7% stake in Royal Bank of Scotland (LSE: RBS) for around $3.3 billion, one decade after bailing out the UK lender. http://axios.link/DglG

⛽ ConocoPhillips (NYSE: COP) is seeking to sell its 16.93% stake in Canadian oil and gas producer Cenovus Energy (TSX: CVT), per Reuters. The position has a current market value of around C$2.6 billion. http://axios.link/M2Ts

🚑 Philips (Amsterdam: PHG) has agreed to buy EPD Solutions, a Dutch maker of cardiac imaging and navigation systems, for up to €460 million in cash (€250m upfront). http://axios.link/cLfT

•Rue La La, a subsidiary of SoftBank-backed Kynetic, has acquired flash sale site Gilt Group from Hudson's Bay (TSX: HBC). No financial terms were disclosed, but a source tells Axios the price was well below the $250 million Hudson's Bay paid to buy Gilt in early 2016.

•Toshiba (Tokyo: 6502) has agreed to sell its PC business to Sharp Corp. (Tokyo: 6752) for $36 million. http://axios.link/j9K3

In Memoriam

Frank Carlucci in 1981, while deputy director of the CIA. Via Getty Images

Frank Carlucci, the former U.S. defense secretary and national security advisor who later served as chairman of The Carlyle Group, passed away at the age of 87. Per a statement from Carlyle's founders:

Just as he served America with passion and distinction for decades, Frank’s private sector career was remarkable as well. As Vice Chairman and then Chairman of Carlyle from 1989-2003, Frank was instrumental in transforming our boutique investment firm into a respected global institution... The blessings of his friendship and partnership will forever be a part of our hearts and firm.